Where do we even find an AML Compliance Officer when they don’t currently exist in our industry?

This is a hot topic right now for Real Estate, Law and Accounting firms, who will all have the task of appointing an AML Compliance officer before mid-next year.

‍

Here’s a quick guide on who to look for and what to watch out for:

‍

Considering candidates from financial services

This is where most of your applicants will come from, but be cautious. Banks have highly segmented teams, so candidates may only have visibility over one small piece of the puzzle. Look for experience in both first and second line of defence, particularly Line 2 (oversight, writing policies, reviewing effectiveness). And be prepared for a transition period as they adjust to a faster-paced, client-led environment.

‍

Startups and fintechs

These candidates often operate as standalone compliance functions, they’ve had to build AML processes from scratch, write policies, implement risk assessments, and own audits. If you’re a small to mid-sized firm, their experience translates more closely to your operating environment.

‍

Look beyond borders

Professionals in New Zealand and the United Kingdom have already worked in Tranche 2 sectors under similar regimes, so they’ll have both the AML skillset and sector experience to match. Many are open to relocation or sponsorship.

‍

Look for curiosity

The right hire must show a genuine interest in your sector. Your world will be new to them, they’ll need the self-motivation to close the knowledge gap quickly. Curiosity is a strong predictor of adaptability.

‍

Hot tip: if you have someone in front of you who’s speaking in acronyms, that’s a strong indicator that they're unaware of your sector and how new this all is for you. If you can’t understand them, neither will the rest of your business! And that won’t go well for training. If they explain things simply and in language you understand - then they get it.

‍

If you’re about to make your first AML hire and still unsure where to start, reach out to our team and we'd be happy to share further insights or even connect you with the right profiles.

‍